Newtime Infrastructure gets nod for acquiring Lotus Buildtech

Newtime Infrastructure has received an approval for acquiring Lotus Buildtech. The board at its meeting held on September 30, 2011 has approved for the same.

The board approved allotted of 39,45,000 fully paid 10% non convertible, non cumulative, redeemable preference shares of face value of Rs 10 each at a premium of Rs 90 aggregating to Rs 39.45 crore to the shareholders of Lotus Buildtech on preferential basis for acquiring 100% equity stake, management and control of Lotus Buildtech.